figs-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number 001-40448

FIGS, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware			46-2005653
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
2834 Colorado Avenue, Suite 400 Santa Monica, CA			90404
(Address of principal executive offices)			(Zip Code)

(424) 300-8330

(Registrant’s telephone number, including area code)

2834 Colorado Avenue, Suite 100, Santa Monica, CA 90404

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.0001 par value per share

FIGS

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 30, 2026, there were 158,763,612 shares of the registrant’s Class A common stock, par value $0.0001 per share, outstanding and 8,283,641 shares of the registrant’s Class B common stock, $0.0001 par value per share, outstanding.


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	6
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	7
	Condensed Consolidated Statements of Stockholders ’ Equity	9
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	71
Item 6.	Exhibits	73
Signatures


	As of
	March 31, 2026		December 31, 2025
Assets	(Unaudited)
Current assets
Cash and cash equivalents	$	74,304	$	81,985
Short-term investments	202,724		218,863
Accounts receivable	5,240		6,271
Inventory, net	139,382		127,966
Prepaid expenses and other current assets	10,538		12,200
Total current assets	432,188		447,285
Non-current assets
Property and equipment, net	33,144		33,938
Operating lease right-of-use assets	56,544		57,134
Deferred tax assets	12,181		12,187
Investment in equity securities	27,735		27,735
Other assets	1,650		1,717
Total non-current assets	131,254		132,711
Total assets	$	563,442	$	579,996
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	7,775	$	18,187
Operating lease liabilities	8,265		8,175
Accrued expenses	35,664		20,529
Accrued compensation and benefits	4,853		17,194
Sales tax payable	4,927		4,266
Gift card liability	11,754		12,117
Deferred revenue	1,704		3,990
Returns reserve	3,958		4,171
Income tax payable	1,303		1,894
Total current liabilities	80,203		90,523
Non-current liabilities
Operating lease liabilities, non-current	52,336		51,829
Other non-current liabilities	263		182
Total liabilities	132,802		142,534
Commitments and contingencies (Note 10)
Stockholders’ equity
Class A common stock — par value $0.0001 per share, 1,000,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 158,451,583 and 157,559,556 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	16		16
Class B common stock — par value $0.0001 per share, 150,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 8,283,641 shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025; zero shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Additional paid-in capital	325,715		338,526
Accumulated other comprehensive income (loss)	(103)		196
Retained earnings	105,012		98,724
Total stockholders’ equity	430,640		437,462
Total liabilities and stockholders’ equity	$	563,442	$	579,996


	Three months ended March 31,
	2026		2025
Net revenues	$	159,902	$	124,901
Cost of goods sold	51,604		40,442
Gross profit	108,298		84,459
Operating expenses
Selling	36,439		32,678
Marketing	29,493		18,156
General and administrative	37,883		33,836
Total operating expenses	103,815		84,670
Net income (loss) from operations	4,483		(211)
Other income, net
Interest income	2,239		2,076
Other expense	(277)		(1)
Total other income, net	1,962		2,075
Net income before provision for income taxes	6,445		1,864
Provision for income taxes	157		1,966
Net income (loss)	$	6,288	$	(102)
Earnings attributable to Class A and Class B common stockholders
Basic earnings (loss) per share	$	0.04	$	—
Diluted earnings (loss) per share	$	0.03	$	—
Weighted-average shares outstanding—basic	166,460,085		162,465,988
Weighted-average shares outstanding—diluted	196,090,295		162,465,988


	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
December 31, 2024	154,003,352	$	15	8,283,641	$	—	$	312,622	$	21	$	64,474	$	377,132
Issuance of Class A Common Stock upon vesting of Restricted Stock	634,937	—		—	—		—		—		—		—
Repurchases of Class A Common Stock	(567,607)	—		—	—		(2,688)		—		—		(2,688)
Stock-based compensation	—	—		—	—		7,239		—		—		7,239
Stock option exercises	169	—		—	—		—		—		—		—
Net loss	—	—		—	—		—		—		(102)		(102)
Other comprehensive loss, net of tax	—	—		—	—		—		(45)		—		(45)
March 31, 2025	154,070,851	$	15	8,283,641	$	—	$	317,173	$	(24)	$	64,372	$	381,536


	March 31, 2026
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Money market funds	$	29,257	$	—	$	—	$	29,257
U.S. government securities	130,598		17		(57)		130,558
Level 2:
Corporate paper	85,202		3		(89)		85,116
Total	$	245,057	$	20	$	(146)	$	244,931


	December 31, 2025
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1:
Money market funds	$	35,710	$	—	$	—	$	35,710
U.S. government securities	136,310		125		—		136,435
Level 2:
Corporate paper	90,701		43		(10)		90,734
Total	$	262,721	$	168	$	(10)	$	262,879


	March 31, 2026		December 31, 2025
Trade	$	4,016	$	5,352
Other	1,224		919
	$	5,240	$	6,271


	March 31, 2026		December 31, 2025
Inventory deposits	$	604	$	453
Prepaid expenses	5,740		7,458
Prepaid taxes	3,119		3,171
Other	1,075		1,118
	$	10,538	$	12,200


	March 31, 2026		December 31, 2025
Furniture and fixtures	$	3,169	$	3,160
Office equipment	1,404		1,400
Machinery and equipment	19,585		19,391
Computer equipment	7,811		7,787
Software and website design	17,004		15,535
Leasehold improvements	8,163		7,571
Capital projects in progress	1,018		693
Vehicles	118		118
Total property and equipment	58,272		55,655
Less: accumulated depreciation and amortization	(25,128)		(21,717)
Property and equipment, net	$	33,144	$	33,938


	Three months ended March 31,
	2026		2025
By geography:
United States	$	131,593	$	106,019
Rest of the world	28,309		18,882
	$	159,902	$	124,901
By product:
Scrubwear	$	126,643	$	99,569
Non-Scrubwear	33,259		25,332
	$	159,902	$	124,901

SEC Form 10-Q filed by FIGS Inc.